BIBA Charity
BIBA Charity
The BIBA Charity was established in 2010 as a way for members of the international business community to contribute to the social welfare of Barbados.
Goal
The goal of the charity is to provide a simple mechanism for businesses and their clients to give back to institutions that have existing funding requirements and are already active in serving a broad segment of Barbadian society. By facilitating giving in a collective way, it will also allow for the international business community’s contributions to Barbados to be better measured.
Trustees
The Charity has three trustees who will be replaced from within the BIBA membership:
- Ms. Dawn Williams of Meridian Law Contact Info: daw@meridianlawbb.com; 431-6677
- Ms. Louisa Ward of PriceWaterhouseCoopers Contact Info: louisa.ward@bb.pwc.com; 626-6756
- Ms. Lisl Lewis of Southwold Bank & Trust Contact Info: Lisl.Lewis@southwoldbank.com; 417-9427
Advisory Council
In addition, an advisory council has been created to monitor the interests of BIBA members and to ensure that the trust remains effectively focused on improving social services in Barbados. The council is composed of:
- Mrs. Mara Thompson,
- Mr. Peter Boos
- Mr. Henderson Holmes
Audit and Systems Controls
The charity is audited by KPMG annually and banks with Royal Bank of Canada. None of the trustees or advisory counsel are paid and the charity is committed to keeping its costs and overheads at a bare minimum.
Beneficiaries
The Queen Elizabeth Hospital has been identified as the charity's first beneficiary. In addition to being an institution that serves all Barbados it has an existing funding requirement for tangible goods and equipment that our charitable donations can assist with immediately, thus saving time and administrative cost and most importantly, helping those in need right away.
Donations
The Charity is registered under the Barbados Charities Act and donations made to the Charity are tax deductible for corporate donors. To make a donation, please contact any of the trustees or the BIBA Secretariat.
MEMBER DIRECTORY
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TREATIES
BUSINESS FACTS
Investing in Barbados
Non-national investors will need to submit an application for permission to invest in Barbados to the Exchange Control Authority (ECA). The functions of the ECA have been delegated to the Central Bank of Barbados and are carried out by the Foreign Exchange and Export Credits Department of the Bank.
The applications are usually submitted by the applicant or their professional advisor prior to the execution of the transaction contemplated, for permission "in principle". This permission is readily granted, especially if employment in Barbados will be created, but usually states that the permission is subject to the remittance to Barbados of foreign currency and that evidence of the remittance be submitted to the ECA. Once permission in principle is obtained the transaction is completed and evidence of the foreign remittance submitted to the ECA; the amount of foreign currency becomes registered with the ECA. The certificate of registration of these funds is an important document as it must be presented at any time in the future that the investment proceeds are to be repatriated from Barbados.
The investment vehicle or business in which the non-national has invested is treated as resident and all transactions in foreign currency will be subject to exchange control permission or guidelines under delegated authority to the commercial banks. In certain circumstances when a business earns foreign exchange a commercial bank may open a foreign currency account in Barbados for the business. The commercial bank is required to monitor the transactions on the account in accordance with the guidelines issued by the ECA from time to time and to submit information on the transactions.
Non-national investors or corporations controlled by non-nationals are generally required to finance their operations from sources external to Barbados. Where a significant project is being undertaken in Barbados that will create employment and foreign exchange earnings the ECA will consider applications for permission for financing arrangements that vary from the general requirement.
BECOME A MEMBER OF BIBA
Become a Member
The Barbados International Business Association (BIBA) is a not-for-profit private sector trade organisation. It provides a network for meetings and exchange amongst persons involved in international business. BIBA serves as a growing voice in the development of international business in Barbados and has over 170 member firms at this time.
FREQUENTLY ASKED QUESTIONS
What is the minimum capitalisation required for an international business company?
For an exempt insurance company the minimum capital requirement is US $125,000; for a company licensed under the International Financial Services Act: US $2 million for a company accepting third-party deposits; and US $500,00 for a company not accepting third-party deposits.
NEW LEGISLATION
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